Traditional methods of assessment of structures involve the physical inspection of a Structure and the preparation of an inspector's report. These reports are traditionally limited to those aspects of an inspected structure's physical components visible to the naked eye at a single instance in time. In some more advanced iterations, inspections may include historical, zoning, environmental, use, title, and installed component data; however, in all iterations, traditional inspection reports are limited to a once-in-time snapshot of the condition of the inspected structure.
The limitations of the previously known inspection techniques create systemic inefficiencies in the assessment and mitigation of risk. Because the inspection is inherently limited to a snapshot data collection, a disconnect exists between assessed risk and actual or real risk. This gap creates structural inefficiencies in the risk-assessment and mitigation industry which leads to inefficient exploitation and leveraging of collateral, and forces investors to engage in further inefficient hedging behaviors when considering collateralized assets and asset backed securities.
Additionally, it may be desirable to allow stakeholders, such as investors, to take appropriate remedial actions to ameliorate conditions adding additional risk to an investment.